Nigeria nets $4.5bn from 6.685 metric tons of export products in 2023
By Patience Ikpeme
The country’s non oil export products recorded significant growth last year with Nigeria exporting 6.685 metric tons of 273 different non oil export products to 124 different nations .
Executive Director/ Chief Executive Officer of the Nigerian Export Promotion Council ( NEPC) Mrs. Nonye Ayeni stated this on Thursday in Abuja.
Exported products ranged from manufactured, semi-processed, solid minerals to agricultural commodities. The 6.685 metric tons figure indicates an increase of approximately 28.04%, compared to the preceding year.
A breakdown of pre-shipment data showed products such as, Urea, Cocoa Beans, Sesame Seed, Soya Beans/meal, Cashew Nuts/Kernels, Aluminum Ingots, and Hibiscus Flower as the top ten exported products.
The top commodities in terms of total exported products were Urea/fertilizer which accounted for 20.10% while Cocoa Beans came second at 13.19, and Sesame Seeds took the third position at 9.03%.
A total of 32 banks participated in the establishment of NXP forms for export for the year 2023 with a total number of 21,390 NXP forms processed.
Of the participating banks, Zenith Bank PLC processed the highest NXP at 39.03%, while United Bank of Africa (UBA) Plc and First Bank of Nigeria recorded 10.55% and 9.88% respectively. Other banks also contributed significantly to export volumes in Nigeria during the year under review.
Speaking to the data, NEPC Chief Executive Officer Mrs. Nonye lauded performance of non oil export products in Nigeria.
“When I assumed office on the 16th of October 2023, the performance of the non-oil export sector as of the period in review shows clearly that the sector offered massive potentials for growth and is pivotal for economic development and diversification.
An increase in the volume and value of exportable goods and services and the repatriation of export proceeds will enhance foreign exchange inflow into the country and help to stabilize the value of the Nigerian naira.
For this reason, my management team and I resolved to double our efforts towards playing our part in repositioning the sector for sustainable and inclusive economic growth”.
Nonye noted significant interest Hibiscus flower generated among other products adding that it experienced a surge in its export, thus propelling it into the top 10 ranking of exported products.
“This upturn may be attributed to enhanced market access in Mexico which was hitherto suspended. In November 2023, NEPC signed a MOU with the mexican business council for foreign trade, investment and technology (COMCE). This is expected to give more traction and increase the volume of volume of hibiscus and other exportable products to Mexico”
“The top commodities in terms of total exported products were Urea/Fertilizer which accounted for 20.10% while Cocoa Beans came second at 13.19, and Sesame Seeds took the third position at 9.03%. There were quite a number of other exportable products that contributed significantly to this huge volume of exports recorded in 2023”
“It is pertinent to note that so many exportable products and their derivatives are progressively gaining prominence as the demand for these products in the global market continues to increase. These include but are not limited to Wheat Bran, Cocoa Cake, Lithium Ore, Sorghum.
While their contributions are still in the process of attaining significant levels, their regular inclusion on the export table suggests a growing presence in the export landscape. There are also a lot of potentials in services that need to be explored and harnessed especially in the areas of logistics, outsourcing, education, entertainment, ICT, amongst others”, she said.
Of the top-20 exporting companies in Nigeria, Indorama-Eleme Fertilizer and Chemical Limited took the lead with US$524,327,305.66 in value while Dangote Fertilizer Limited recorded the second-highest value of US$383,071,252.58 respectively. Other companies have also made significant contributions in that space.
Similarly, 21 exit Points were used in the period under review. These are seaports, international airports, and land borders. However, the introduction of Lekki Deep Sea Port, Lagos, and a new border, Ohunbe in Ogun State, added to the existing infrastructure. The South-West and South-South accounted for over 90 percent of the total non-oil exports.
Destination of Exported Products
In the year 2023, Nigeria’s non-oil products made a significant impact in the global market, penetrating markets across 124 countries in the following regions, including Africa, the Americas, Asia, Europe, and Oceania. Notably, Brazil, China, and Japan emerged as the top three importing countries respectively for non-oil products exported from Nigeria.
Thirteen member countries of ECOWAS (excluding Cape Verde), actively engaged in the importation of Nigerian products throughout the year 2023. 1,638,694.46 Metric Tons amounting to US$ 343.942 Million dollars constituted 7.61% of the total export value. Interestingly, only Ghana made it to the top 20 global importers from Nigeria, occupying the 18th position on the export log.
So far, 1,145 exporting companies actively exported Nigeria’s products in the year 2023. This figure can be improved with adequate funding, capacity building and mentorship.